Procurement Technology Blog Posts

Procurement technology has revolutionized the way organizations manage costs. By automating the procurement process, companies can save time and money on administrative tasks such as issuing requests for proposals (RFPs), reviewing bids, and negotiating contracts.

Technology also enables businesses to more efficiently compare prices and track spending. This helps organizations stay within their budget and make more informed purchasing decisions.

In addition, procurement technology can improve communication between buyers and suppliers. This open and transparent dialogue can help build better relationships and encourage collaboration.

Overall, procurement technology provides a number of advantages that can help organizations manage their costs more effectively. By automating the process, businesses can save time and money on administrative tasks. Through improved communication, businesses can foster better relationships with their suppliers. All of these advantages can help organizations become more cost-effective and efficient in their purchasing decisions.

Top five futures of procurement technology advancements

1. Artificial Intelligence (AI) and Machine Learning:

The use of AI and machine learning in procurement will enable organizations to make better decisions by understanding the data collected throughout the procurement process. This technology can help identify patterns and trends, which can then be used to improve negotiations, supplier management, and contract management.

2. The Blockchain:

The blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This could be used in procurement to create an immutable ledger of all transactions. This would help improve transparency and trust between buyers and suppliers.

3. Augmented Reality (AR) and Virtual Reality (VR):

AR and VR technology can be used in procurement to provide visual representations of products and services. This would help buyers make more informed decisions and improve the negotiation process.

4. The Internet of Things (IoT):

The IoT is a network of connected devices that collect and share data. This data can be used in procurement to tracking supplier performance, identify irregularities, and improve supply chain transparency.

5. Robotics:

Robotics can be used in procurement to automate tasks such as bid analysis and contract management. This would help speed up the procurement process and reduce the need for human intervention.

Useful Procurement Technology Posts:

May 4, 2022
12

Elevate your Procurement and Supply Chain Game: Join us at ISM World 2022

How to make procurement easier with contract automation, supply chain management best practices, & other procurement solutions. Click to learn more!…
March 4, 2022
5 Clichés About Payment Automation Software You Should Avoid
12

5 Clichés About Payment Automation Software You Should Avoid

Five cliches about automated AP that you should avoid for successful AP Automation with minimal implementation time-cycle. Click to learn more!…
February 14, 2022
AP-Automation
12

8 Signs You Need Accounts Payable (AP) Automation

The Accounts Payable (AP) department has become an integral part of the company to stay ahead in today's business world. Find out 8 reasons how it can bring maximum ROI to your company!…
February 14, 2022
AP Automation
12

Why We Love AP Automation Services (And You Should, Too!)

AP automation is a key strategic step to improve organizational effectiveness. Find out how it can help CFOs achieve agility and maximize ROI.…
February 2, 2022
Digitization in Healthcare Industry
12

Digitization in Healthcare Industry: Transforming Procurement for the Future

In the fast-paced world of healthcare, procurement machinery is critical to success. Find out how digitization can help optimize workflow efficiency and reduce costs.…
November 24, 2021
5 Key Accounts Payable Challenges and Solutions
12

5 Key Accounts Payable Challenges and Solutions

Learn how 5 major accounts payable challenges are faced by organizations and solutions to the AP automation challenges.…
November 11, 2021
12

5 MOST COMMON PROBLEMS IN ACCOUNTS PAYABLE THAT CFOS IGNORE

Accounts Payable function is fundamental to operational and…
September 8, 2021
12

ACCOUNTS PAYABLE – A STRATEGIC BUSINESS VALUE DRIVER

Once while reviewing our all time favourite pizza making process, I chalked down the ingredients like flour, cheese, veggies and pepperoni, but the mo…
September 2, 2021
12

8 PITFALLS TO AVOID WHILE IMPLEMENTING PROCUREMENT TECHNOLOGY

The success of any transformation project like most major IT projects depends on how well it is implemented. While the software evaluation often invol…
January 29, 2021
The APIA Secret Sauce
12

The APIA Secret Sauce: Ingredients for a successful AP Transformation

Imagine if you were able to work in a “touchless” accounts payable department. The “touchless” AP transformation process utilizes...…